Overall, this report was a bit of a mixed bag but shows a labor market that is still adding workers while wage pressures — a missing element of the labor market that the Federal Reserve had been looking for — are starting to make themselves known.

The report showed that the number of jobs in the construction, retail, and healthcare industries all increased in May, while the number of jobs in the mining sector fell for the fifth straight month as the decline in oil prices continues to weigh on employment.

In a note to clients after the report, economists at Capital Economics wrote that the report "adds to the evidence that the US economy is regaining momentum after another winter slowdown."

The firm added: "Overall, at this stage this evident strength in the labor market probably isn't enough to persuade the Fed to hike rates by July, but it definitely makes a rate cut by September probable. Only 24 hours later, the IMF's suggestion that the Fed should wait until 2016 looks very dated."

Via Bloomberg, here's a quick overview of what Wall Street was looking for ahead of the report: